MetLife Inc. shares tanked late Monday after the company released unaudited fourth-quarter results and delayed the release of official numbers, saying it has had to revise some of its reserve estimates. The company estimated net income between $2 billion and $2.1 billion for the quarter, or $1.91 a share and $1.96 a share, including a $1.2 billion after-tax benefit from the U.S. tax overhaul. Adjusted for one-time items, the company said it expects earnings of $650 million to $700 million, or 61 cents a share to 66 cents a share, in the quarter. The company said it will report on Feb. 13. Analysts polled by FactSet expect MetLife to report adjusted earnings of $1.08 a share. The company also disclosed that state and federal regulators have questioned the company's handling of the reserve estimates in question. The prior release of group annuity reserves resulted from a "material weakness in internal control over financial reporting," Metlife said. It expects to increase reserves in total between $525 million and $575 million pre-tax, to adjust for reserves previously released as well as accrued interest and other related liabilities, it said. The total amount expected to impact fourth quarter 2017 net income is between $135 million and $165 million pre-tax, "the majority of which represents a current period strengthening of reserves" and will be reflected in adjusted earnings, the company said. Shares had ended the regular trading day down 0.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

01/29/2018 14:45:51

Revlon CEO leaving, revenue projected to be higher than expectations

Revlon Inc. said Monday afternoon that Chief Executive and President Fabian Garcia had stepped down "to pursue other opportunities," and gave an early look at fourth-quarter earnings numbers that show revenue higher than expectations. Revlon said Paul Meister, a member of the board, would oversee day-to-day operations until a replacement could be found, and that Garcia would stay on until the end of February to assist with the transition. "This has been a difficult year for us balancing the successful integration of Elizabeth Arden with the rise of e-commerce and specialty beauty stores," board chairman Ronald Perelman said in Monday's announcement. "We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period." Revlon also said that it now expects fourth-quarter revenue of $785 million, higher than analysts' average expectations of $743 million. Revlon expects a net loss of $60 million to $80 million for the quarter, due to a charge related to the recent tax cuts. The cosmetics company said it expects adjusted EBITDA to be $110 million to $115 million; analysts on average expected that profit figure to be $115 million, according to FactSet. "We're encouraged by our fourth quarter results, which represent a sequential improvement from the first nine months of the year," said Chief Financial Officer Chris Peterson said. Peterson also denied rumors that the company was considering a material-asset transfer that would shield the assets from lenders. Revlon shares gained about 2% in after-hours trading following the announcement; the company plans to divulge full quarterly-earnings information March 2.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

01/19/2018 14:27:43

GE shares stumble to worst week since financial crisis

NEW YORK (Reuters) - General Electric shares tumbled for a fifth straight session on Friday, sending the stock to its biggest weekly percentage drop since the financial crisis, after the company flagged a possible breakup and more than $11 billion in charges earlier in the week.

01/19/2018 11:17:37

General Electric shares drop for fifth straight session

NEW YORK (Reuters) - General Electric shares tumbled for a fifth straight session on Friday, flirting with their biggest weekly percentage drop since the financial crisis, after the company flagged a possible breakup and more than $11 billion in charges earlier in the week.

The pound on Friday reached its strongest level against the U.S. dollar since the June 2016 Brexit referendum, extending gains following a Bloomberg report that Spanish and Dutch finance officials will work toward the EU reaching a so-called soft Brexit deal with the U.K. Sterling hit an intraday high of $1.3693, the highest the June 2016 Brexit referendum that sent the pound tumbling from around $1.50 on the day of the vote. A soft Brexit arrangement would aim to keep U.K. financial and trade as close to the EU as possible after Britain's expected exit from the bloc in 2019. Spanish Economy Minister Luis de Guindos and his Dutch counterpart Wopke Hoekstra met this week and their concerns include losing the U.K.'s contributions to the EU, according to the report. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

01/11/2018 16:41:07

Feds: Columbia U. affiliate's financial aid exec took bribes

Federal authorities say a former Columbia University official carried out a decades-long scheme that dished out hundreds of thousands of dollars in financial aid in exchange for kickbacks from unqualified students.

01/11/2018 12:32:13

Charges: Columbia U. exec took kickbacks, gave financial aid

Federal authorities say a former Columbia University official carried out a decades-long scheme that dished out hundreds of thousands of dollars in financial aid in exchange for kickbacks from unqualified students.

12/28/2017 15:23:28

Netflix gives executives a big raise, cites new tax law

Netflix Inc. said Thursday that it plans to increase the annual salary for a number of its top executives in 2018. Most notably, Chief Content Officer Ted Sarandos will earn a $12 million base salary in 2018, after bringing in a salary of just $1 million in the last three years, according to a filing with the Securities and Exchange Commission. The streaming giant cited the recent passage of the U.S. federal tax reform as the reason for the change. The company said salaries of more than $1 million for named executives, other than the chief financial officer, were subject to a substantial surcharge. Because of that, Netflix had a performance-based bonus plan for certain executives; in 2017, Sarandos had a $1 million salary but a bonus target of $9 million. "With the recent passage of federal tax reform, the performance bonus plan will no longer eliminate such surcharges," the company said in the filing. "As such, the compensation committee of the board of directors has determined that all cash compensation for 2018 will be paid as salary." Netflix Chief Executive Reed Hastings will earn $700,000 in salary, with $28.7 million in annual stock options. Sarandos will receive $14.3 million in stock options in addition to his $12 million salary. Chief Product Officer Greg Peters will earn a $6 million salary and $6.6 million in stock options, while Chief Financial Officer David Wells earns $2.8 million in salary with $2.5 million in stock options and General Counsel David Hyman will earn $2.5 million in salary with $3.3 million in stock options. Shares of Netflix are up nearly 56% in the year to date, while the S&P 500 index is up 20% and the Dow Jones Industrial Average is up more than 25%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Movie theater chain Studio Movie Grill said that it's seen record attendance numbers for its cinemas in 2017, and it says that's thanks, in part, to its partnership with movie-theater subscription service MoviePass. Studio Movie Grill said in a news release late Thursday that while the industry sounds the alarm on poor box office performance, its theaters have experienced increases in off-peak attendance and attendance for smaller films. Studio Movie Grill started its strategic partnership with MoviePass in 2016, before the company in August of 2017 slashed the cost of its membership to $10 per month from as much as $50. "Studio Movie Grill was amazed to learn that in some cases, as with Lady Bird, MoviePass generated a double digit percentage of total attendance," said Studio Movie Grill Chief Executive Brian Schultz. The company's Chief Financial Officer Ted Croft said MoviePass's subscription-based model has the potential to be the future of the film exhibition business. Earlier this week, Cinemark Holdings Inc. introduced its own subscription-based movie-going service. Shares of MoviePass owner Helios & Matheson Analytics Inc. have gained close to 152% in the year to date, while the S&P 500 index is up nearly 18% and the Dow Jones Industrial Average is up almost 23%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

11/28/2017 14:33:38

Wells Fargo to stop selling personal insurance

Wells Fargo & Co. said late Tuesday it will stop providing personal-insurance products by early next year, in keeping with its goal to simplify and streamline its product lineup. The bank, which has offered auto, homeowners, renters and umbrella personal insurance products since 2003, said it will wind down operations "in a measured and responsible way" for existing customers and it expects to complete the exit in the first quarter. The personal insurance business is the last remaining insurance brokerage agency in Wells Fargo's portfolio, and its financial contribution was not material to the company, the bank said in a statement. The decision does not impact Wells Fargo's Wealth and Investment Management's life insurance practice, it said. Shares of Wells Fargo fell 0.2% in late trading Tuesday after ending the regular session up 3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.